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Departmental Accommodation

Volume 403: debated on Monday 14 April 2003

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To ask the Chancellor of the Exchequer whether the building at 1 Horse Guards Road is wholly owned by HM Treasury; what his estimate is of the value of recent refurbishment work; what his latest estimate is of the market value of this building; and if he will make a statement. [107441]

[holding answer 8 April 2003]: 1 Horse Guards Road (1HGR), is a Crown freehold. During the 35 year PFI concession, a head lease has been granted to Exchequer Partnership for the building with an under lease back to the Treasury. At the end of the concession, the leases automatically terminate at no cost to the public sector. The total costs of the refurbishment for 1HGR were given in answer to the hon. Member for South Norfolk (Mr. Bacon) on 5 February 2002, Official Report, column 841W. The Treasury has been advised that the current open market value of 1 HGR is £71.6 million.